STAAR Surgical (NASDAQ:STAA) Trading Down 8.7% Following Weak Earnings

STAAR Surgical (NASDAQ:STAA)’s stock price was down 8.7% on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $41.37 and last traded at $42.57. Approximately 262,022 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 719,635 shares. The stock had previously closed at $46.65.

The medical instruments supplier reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.12). STAAR Surgical had a net margin of 6.62% and a return on equity of 8.73%. The business had revenue of $77.40 million during the quarter, compared to the consensus estimate of $75.34 million. During the same period last year, the firm earned $0.05 EPS. The company’s quarterly revenue was up 5.3% compared to the same quarter last year.

Wall Street Analyst Weigh In

STAA has been the subject of a number of analyst reports. Stifel Nicolaus restated a “buy” rating and set a $50.00 price target on shares of STAAR Surgical in a research note on Monday, April 1st. William Blair raised STAAR Surgical from a “market perform” rating to an “outperform” rating in a research note on Thursday, April 4th. Canaccord Genuity Group lowered their price target on STAAR Surgical from $46.00 to $43.00 and set a “hold” rating on the stock in a research report on Wednesday. Piper Sandler boosted their target price on shares of STAAR Surgical from $33.00 to $40.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of STAAR Surgical in a research report on Wednesday. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $47.13.

Insider Buying and Selling

In related news, Director Aimee S. Weisner purchased 1,750 shares of the firm’s stock in a transaction dated Thursday, March 14th. The shares were acquired at an average cost of $38.11 per share, with a total value of $66,692.50. Following the completion of the purchase, the director now directly owns 10,864 shares of the company’s stock, valued at $414,027.04. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On STAAR Surgical

Large investors have recently made changes to their positions in the company. Clear Street Markets LLC bought a new stake in STAAR Surgical during the 3rd quarter worth about $29,000. GAMMA Investing LLC lifted its holdings in STAAR Surgical by 313.9% in the first quarter. GAMMA Investing LLC now owns 1,308 shares of the medical instruments supplier’s stock valued at $50,000 after buying an additional 992 shares during the period. Cape Investment Advisory Inc. bought a new position in STAAR Surgical in the fourth quarter valued at approximately $42,000. Nisa Investment Advisors LLC grew its holdings in STAAR Surgical by 415.8% during the 3rd quarter. Nisa Investment Advisors LLC now owns 2,445 shares of the medical instruments supplier’s stock worth $98,000 after acquiring an additional 1,971 shares during the period. Finally, Covestor Ltd raised its position in shares of STAAR Surgical by 82,466.7% during the 3rd quarter. Covestor Ltd now owns 2,477 shares of the medical instruments supplier’s stock valued at $100,000 after acquiring an additional 2,474 shares during the last quarter. Institutional investors and hedge funds own 96.70% of the company’s stock.

STAAR Surgical Trading Up 4.5 %

The company has a market cap of $2.11 billion, a price-to-earnings ratio of 99.67 and a beta of 0.80. The stock has a 50 day moving average price of $42.37 and a two-hundred day moving average price of $35.92.

About STAAR Surgical

STAAR Surgical Company, together with its subsidiaries, designs, develops, manufactures, markets, and sells implantable lenses for the eye, and companion delivery systems to deliver the lenses into the eye. The company provides implantable Collamer lens product family (ICLs) to treat visual disorders, such as myopia, hyperopia, astigmatism, and presbyopia.